Superannuation Industry (Supervision) Act 1993

PART 2A - LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES  

Division 6 - Varying RSE licences  

SECTION 29FC   APRA MAY VARY RSE LICENCES IN ACCORDANCE WITH APPLICATIONS  

29FC(1)   [Variation]  

APRA may, by notice to an RSE licensee:

(a) vary the RSE licensee's RSE licence so that it is an RSE licence of a different class; or

(b) vary or revoke a condition that APRA has imposed on the RSE licence under section 29EA ;

in accordance with an application under section 29F .

29FC(2)   [Conditions for variation]  

However:

(a) an RSE licence must not be varied so that it becomes an RSE licence of a particular class unless APRA is satisfied that the RSE licensee will comply with any conditions imposed on that class of RSE licence; and

(b) a condition as varied under paragraph (1)(b) must not be inconsistent with any condition imposed by section 29E ; and

(c) if the RSE licensee is also a financial services licensee:

(i) APRA must consult ASIC before varying the RSE licence so that it is an RSE licence of a different class, if, in APRA's opinion, the variation might reasonably be expected to affect the RSE licensee's ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides; and

(ii) APRA must consult ASIC before varying or revoking a condition that, in APRA's opinion, might reasonably be expected to affect the RSE licensee's ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides; and

(iii) APRA must consult ASIC before varying a condition so that it would, in APRA's opinion, become a condition that might reasonably be expected to have an effect as described in subparagraph (ii); and

(iv) APRA must inform ASIC about the variation or revocation of any condition not covered by subparagraph (i), (ii) or (iii) within one week after the condition is varied or revoked.

29FC(3)   [Non-compliance with conditions for financial services licensee]  

A failure to comply with a requirement of paragraph (2)(c) does not invalidate:

(a) the variation of an RSE licence so that it is an RSE licence of a different class; or

(b) the variation or revocation of a licence condition.

29FC(4)   [APRA's discretion towards applications]  

APRA is not required to vary the class of, or vary or revoke any condition of, an RSE licence in the terms requested by an RSE licensee in an application under section 29F .